Types of Export Incentive Schemes & Benefits in India
Table of Contents
1 Advance Authorization Scheme
2 Advance Authorization for Annual Requirement
3 Export Duty Drawback for Customs, Central Excise, and Service Tax
4 Service Tax Rebate
5 Duty-Free Import Authorization
6 Zero duty EPCG (Export Promotion Capital Goods) Scheme
7 Post Export EPCG Duty Credit Scrip Scheme
8 Towns of Export Excellence (TEE)
9 Market Access Initiative (MAI) Scheme
10 Marketing Development Assistance (MDA) Scheme
11 Merchandise Exports from India Scheme (MEIS)
Export Duty Drawback for Customs, Central Excise, and Service Tax
Under
these schemes, the duty or tax paid for inputs against the exported
products is refunded to the exporters. This refund is carried out in the
form of Duty Drawback. In case the duty drawback scheme is not
mentioned in the export schedule, exporters can approach the tax
authorities for getting a brand rate under the duty drawback scheme.
Merchandise Exports from India Scheme (MEIS)
This
scheme applies to the export of certain goods to specific markets.
Rewards for exports under MEIS will be payable as a percentage of
realized FOB value.
Thanks to all these schemes, exports have increased by a right margin, and there is a favorable atmosphere among the business community. The government is also upcoming with many other benefits to strengthen the export sector of the country further.
Towns of Export Excellence (TEE)
Towns that produce and export goods above a particular value in the identified sectors would be known as towns of export status. Towns will be given this status based on their performance and potential in exports to help them reach new markets.
Market Access Initiative (MAI) Scheme
An effort to provide financial guidance to eligible agencies for undertaking direct and indirect marketing activities like market research, capacity building, branding, and compliances in importing markets.
Marketing Development Assistance (MDA) Scheme
This
scheme aims to promote export activities abroad, assist export
promotion councils to develop their products and other initiatives to
carry out marketing activities abroad.